- Category: Investing
- Last Updated on Thursday, 06 June 2013 07:32
- Written by Grocery News
From April 17 through May 16 the price of Carrefour stock (nasdaq crrfy) climbed 8% to just under $6.00. Positives: 1q2013 Latin American sales +14% (currency effects excluded). In Europe the company performed particularly well in Belgium.
When taken at constant currencies, first quarter sales declined -1.3% to €20.83 billion attributable mostly to South American currency devaluations,
however, investors didn't seem too concerned given that at constant prices, quarter to quarter sales were up +1.3%. In Europe though, sales were less than stellar: Outside France, Carrefour revenue -3.5% to €5.46b with the strongest results coming from Belgium. Sales in France -0.7% -> €9.3b or -1.0% when gas sales are excluded. Carrefour sales in Latin America up +14% when currency effects are excluded, flat if they are (€4.0b). Sales growth in Asia flat at +0.3% -> €2.12 billion.
On April 17, Tesco said that annual profit fell for the first time in nearly two decades. During this period a consensus estimate of €2.2 billion was made for fiscal year EBIT.
In Canada, Loblaw Companies is prepping for the July IPO of a new real estate invesment trust to handle its real estate assets. Loblaws puts the market value of those assets at just over $7.0 billion. Sysco reported a fall in quarterly earnings for the third consecutive quarter ($309m -> $286m -> $221m -> $201m), the quarter on quarter decline was -22.4%.
May 16, 2013: Wal-Mart USA reports weak sales. Walmart US same store sales down -1.4% for stores open one year or longer. The day of the announcement shares were down between -2.1% and -3.2% .
In China, Fresh Food Drives Traffic To Stores: Turnover Is Fast, Prices Are Slightly Better